Egypt Signs USD 1 Billion World Bank Financing Deal to Support Economic Reforms

Egypt signed a USD 1 billion (EGP 55 billion) financing agreement with the World Bank on Sunday, 1 November, under the second phase of its Development Policy Financing (DPF) programme, aimed at strengthening economic resilience, encouraging private sector investment, and supporting the country’s transition to a green economy. Prime Minister Mostafa Madbouly witnessed the signing ceremony at the Ministry of Foreign Affairs headquarters in the New Administrative Capital.The agreement was signed by Foreign Minister Badr Abdelatty, who also serves as Egypt’s governor at the World Bank, and World Bank Regional Director Alwaleed Alataban⁠. The programme, titled “Building Resilience, Creating Opportunities and Enhancing Wealth for Egypt’s Prosperity and Stability,” seeks to improve the country’s business environment, attract private investment, and strengthen the competitiveness of the Egyptian economy. Its reform agenda includes improving the governance of state-owned enterprises, removing barriers to private sector investment and economic growth, promoting fair competition, increasing domestic revenue mobilisation, and reducing government borrowing costs. The second phase also includes social protection and environmental measures, including expanding the number of beneficiaries of the Takaful and Karama programmes, improving greenhouse gas emissions monitoring, and developing carbon credit markets. Additionally,Continue reading "Egypt Signs USD 1 Billion World Bank Financing Deal to Support Economic Reforms" The post Egypt Signs USD 1 Billion World Bank Financing Deal to Support Economic Reforms first appeared on Egyptian Streets.